Today, HSBC have launched a 7 year fixed rate mortgage at 4.89%. The length of the fixed rate is its virtue and also its vice. You are buying an extended guarantee but giving up on flexibility, as your circumstances will almost certainly change. I understand that the mortgage is portable but the length of the fix could be longer than most first times buyer’s relationships. As normal there is a redemption penalty to break the contract with in the first 7 years.

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